Nasdaq reaches a new all time high - Creand
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Nasdaq reaches a new all time high

The stock market traded cautiously for the first half of the week, but buyers stepped in the second half. This pushed the Nasdaq Composite to a fresh all-time high by the end of the week.  Small cap stocks also had a good week, leading the Russell 2000 to gain 3.0%.

The gains within the S&P 500 last week were largely driven by mega cap and semiconductor stocks, but many other stocks participated in upside moves. The S&P 500 Equal Weight ETF (RSP) gained 1.2%, but the Semiconductor Index (SOX) jumped 6.8% on the week. Shares of NVIDIA (NVDA) and Meta Platforms (META), for example, gained 4.4% and 3.7%, respectively.  Dow Jones component Salesforce (CRM) was another winning standout after reporting earnings, jumping 8.2% this week.

Several sectors lost ground last week with health care down 1.1% while the utilities (-0.6%), consumer staples (-0.5%), communication services (-0.3%), and financials (-0.1%) sectors saw relatively slim declines. Health care was hurt on news that UnitedHealth (UNH) is being investigated by the Department of Justice for possible antitrust violations.  The information technology sector, which constitutes 30% of the index, gained 2.5%. It was the best performer followed by the real estate (+2.1%) and consumer discretionary (+2.0%) sectors.

Treasury yields declined this week, acting as added support for the stock market. The 2-yr note yield sank 19 basis points to 4.53% and the 10-yr note yield settled eight basis points lower at 4.18%. This drop in yields followed a disappointing $63 billion 2-yr note auction. 

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Charles Castillo
Senior Portfolio Manager. Creand Wealth Management Miami